Daily Digest

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Daily Digest 3/26 - Eurozone Faces Tough Bank Regime, China's Toxic Water

Monday, March 25, 2013, 11:47 PM

Economy

After Cyprus, eurozone faces tough bank regime - Eurogroup head (Phil H.)

The agreement is what is known as a "bail-in", with shareholders and bondholders in banks forced to bear the costs of the restructuring first, followed by uninsured depositors. Under EU rules, deposits up to 100,000 euros are guaranteed.

The approach marks a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programmes.

What all investors can learn from Cyprus (westcoastjan)

These are lessons that depositors in Cyprus banks are learning to their cost. It would behoove international investors to take note as well.

Russian Oligarchs to (Involuntarily) Fund Cyprus Bailout (James S.)

To wit, the new EU bailout package accepted by Cyprus shuts down the island’s second-largest bank, Laiki, which will mean heavy losses for uninsured account-holders, many of whom are Russian oligarchs. In return, Cyprus gets a €10 billion ($13 billion) bailout and avoids the total collapse of its banking system. Only depositors with over €100,000 will be hit, while smaller depositors will be protected.

The Broken Euro (Nervous Nelly)

Your employer pays you in cash, because there are no electronic payments. Which is just as well, really, because you need cash. There are no automated payments such as direct debits, so you pay all your household bills in cash. Credit and debit cards are no longer accepted anywhere, so you buy all your shopping and petrol for your car with cash. You can't make phone or internet purchases.

If you have more than one account, you can't transfer money between your accounts. If only one of your accounts has ATM access, once that account is empty, you are stuck with no money.

Creating Renewable Energy Farms that Double as Wildlife Reserves (James S.)

Dale Vince, the founder of Ecotricity, explained that, “protecting wildlife and creating habitats is not just close to our hearts, it is central to what we do. We’re already making green energy to cut the carbon emissions that cause climate change, which in turn impacts habitats and wildlife. This partnership takes that one step further, making closer links between nature and green energy.

Why such a fuss about extinction? (jdargis)

Charles Darwin wrote of extinction in his landmark On the Origin of Species.

For him, the process of evolution involved new species gaining ground and others losing out. He certainly did not mourn the passing of the losers.

China's Toxic Water (jdargis)

On World Water Day, I'd like to share with you a strong collection of images from southern China, showing local activists fighting against industrial pollution in their waterways, and cancer sufferers in so-called "cancer villages", linked to pollution from hazardous chemicals. Earlier this year, China's environment ministry released a report officially acknowledging the existence of these villages for the first time and signaling its willingness to address toxic water pollution. Greenpeace reached out to World Press Photo award-winner Lu Guang and other photographers to bear witness and has allowed me to share their images here on World Water Day, in an effort to bring this environmental and human tragedy to the world's attention. Photos and captions were provided by the photographers and Greenpeace.

Gold & Silver

Click to read the Gold & Silver Digest: 3/25/13

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2785
Tall's picture
Tall
Status: Gold Member (Offline)
Joined: Feb 18 2010
Posts: 289
Scientists link frozen spring to dramatic Arctic sea ice loss

Melting sea ice, exposing huge parts of the ocean to the atmosphere, explains extreme weather both hot and cold

http://www.guardian.co.uk/environment/2013/mar/25/frozen-spring-arctic-sea-ice-loss

phecksel's picture
phecksel
Status: Silver Member (Offline)
Joined: May 24 2010
Posts: 160
Let me see if I get this

Let me see if I get this straight

Last year the warm march was due to global warming and melting sea ice

This year the cold march is due to global warming and melting sea ice

Quote:

The heavy snowfall and freezing temperatures which have marked March 2013 across the northern hemisphere are in stark contrast to March 2012 when many countries experienced their warmest ever springs. The hypothesis that wind patterns are being changed because melting Arctic sea ice has exposed huge swaths of normally frozen ocean to the atmosphere would explain both the extremes of heat and cold, say the scientists.

We are truly living in the twilight zone

dps's picture
dps
Status: Martenson Brigade Member (Offline)
Joined: Jun 27 2008
Posts: 442
@phecksel

Yes, that's what the science is finding more and more.  Increased CO2 can cause swings in the weather both ways.  That's why people have started refering to Climate Change instead of Global Warming.  ... dons

Quercus bicolor's picture
Quercus bicolor
Status: Silver Member (Offline)
Joined: Mar 19 2008
Posts: 248
extreme weather and climate change

phecksel,

The theory is that less contrast between the poles and equator slow down the jetstream and cause more of what meteorologists know as blocking patterns.  In a blocking pattern, big ridges of warm air protrude well north towards or into the arctic.  Parts of the earth under the ridge can be much warmer than typical seasonal patterns (March 2012 in the U.S.)  Of course in order to have the big ridge, you need a deep, slow moving trough where what cold air remains in the arctic tends to pour down into the same mid-latitude region day after day (March 2013 mainly in the eastern and central U.S.).  The troughs move slowly because of the slower jet stream and the fact that the trough tends to develop a cutoff  or closed circulation pattern.  On the eastern edge of the trough, significant storms tend to be present.  Finally, as warm air pushes up into the arctic, it cools more slowly than it used to due to the warmer water and lack of sea ice.  It's the cooling of the warm air that tends to erode the ridge, so ridges are more persistent when there is less sea ice and warmer water.

So climate change can explain an increase in weather extremes particularly during the transition seasons of spring and fall.

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